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Financial Services

T. Rowe Price + UserTesting

How the right tools helped T. Rowe Price quickly solve a business-critical design problem
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About T. Rowe Price

T. Rowe Price is an investment management firm that serves clients around the globe. For more than 80 years, millions of people have trusted T. Rowe Price to help them achieve their long-term financial goals. Their strategic investing approach has guided them since 1937 and is driven by independent thinking and rigorous research.

Illumi Awards
T. Rowe Price Achieved
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Solved a 37% drop off rate for opening online accounts
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Within hours, user insights uncovered a design problem and provided a solution
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Increased confidence in project research from stakeholders and senior leadership

Challenge

When T. Rowe Price rolled out a new process for creating an online investment account, they discovered a 37% drop off on the very first step after users opened the webpage.

The team knew this issue needed to be fixed quickly, but how would they go about it? The impact to both their customers' loyalty and the company's business was at stake. 

Solution

Harsha Thayi, Senior Manager of UX at T. Rowe Price, and his Design team didn't have time for traditional in-lab UX research that could take weeks. So they turned to UserTesting to quickly launch a series of unmoderated tests to uncover what the root cause of the problem was. They needed to know the 'why behind the what' in order to make an informed recommendation.

They showed test participants two pages from the online experience, from clicking on the Open and Account buttons to the next page where they were asked for their name, email, and investment amount.

Feedback from users indicated that they were not expecting to get into the process of opening an account right away. Instead, UserTesting revealed that users wanted more information first. A simple insight with powerful implications.

Results

As a result, within hours of discovering the problem, Harsha and the team were able to report back to T. Rowe Price product owners with recommendations on what to do.

UserTesting provided extremely fast and highly actionable human insights into the problem without sacrificing quality compared to in-lab methods.

Almost immediately after putting those recommendations into production, the 37% drop off rate was closed. "That's the value of the UserTesting human insight platform. It helps us close experience gaps at today's speed of business, which is especially helpful in today's work-from-home environment," said Harsha.

Harsha Thayi
Harsha Thayi Senior Manager, User Experience, T. Rowe Price

UserTesting has totally changed the perception about user research being an expensive and time-consuming process.